Canadian media company Corus Entertainment is set to acquire Shaw Media, the TV unit of Shaw Communications in a deal valued at $2.65 billion. The deal will create “a combined portfolio with significant scale, including 45 specialty television channels, 39 radio stations, digital assets, the content studio, Nelvana, and 15 conventional television stations,” Corus said in a statement on Wednesday.

“This is a significant milestone that positions us as a leading pure-play connectivity company,” said Shaw chief exec Brad Shaw.

Shaw Media’s portfolio includes the Food Network Canada, History and National Geographic Canada. Corus already owns its own bouquet of networks including Disney Channel. The deal is expected to close by the third quarter of 2016. Both companies are controlled by the Alberta-based Shaw family, but are listed separately on the Toronto Stock Exchange. Corus was formed in 1999 when the media assets of Shaw were spun out to create the new company. Shaw will receive $1.3 billion in cash and 71 million B shares in Corus.

The deal still requires approval from the Canadian Radio-television and Telecommunications Commission, as well as shareholders. The Shaw family will be excluded from voting.